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This rent prices are a joke. Charging 30% of your gross income is going to feel like 50% of your salary once you factor in after tax dollars.
Quote:
Originally Posted by macnyc2003
The development has a new owner, and residents are hoping that this one will prove to be better. So far, so good. Blackstone says it is looking at Stuy Town as a long-range investment. The previous owner wanted to use the development as an ATM.
Don't fool yourself Blackstone is a private equity firm who's only obligation is to make as much money for their investors and shareholders. This is a ATM for them, only difference is the ratio of how much the tenants vs taxpayer will be paying them for this new stabilized apartments.
This rent prices are a joke. Charging 30% of your gross income is going to feel like 50% of your salary once you factor in after tax dollars.
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I already pay almost 50% of my income for rent. I'm just in a studio in the bronx too. Many Ny-ers do. I bet at least half of all ny-ers pay at least 30% of their income for rent and don't live in lux pats in the sky.
This rent prices are a joke. Charging 30% of your gross income is going to feel like 50% of your salary once you factor in after tax dollars.
Don't fool yourself Blackstone is a private equity firm who's only obligation is to make as much money for their investors and shareholders. This is a ATM for them, only difference is the ratio of how much the tenants vs taxpayer will be paying them for this new stabilized apartments.
True dat!
Blackstone was smart enough to get Mayor de Boob and the City by their short and curlies in extracting a pretty sweet tax deal and other goodies for keeping STPCV "affordable". That bit runs out pretty much in 20 years, a time frame that is nothing to real estate families/persons. In twenty years many of the current residents who made such a fuss will likely be dead or otherwise have vacated their apartments. There will have been three or more changes of mayor and city council so who knows what the priorities will be then.
The Associated supermarket down there is being kicked out, and there probably will be more changes as time goes on as STPCV slowly morphs into something that will draw more upscale tenants.
i applied a few days ago. i took a walk through the development, before i applied, and it looks decent. i saw the associated market, and it looks more "upscale" than the ones uptown before they changed over to cherry valley/city fresh
I think the low-income apartments are a great deal. I'm not as sure about the middle-income ones, but even those are cheaper than market rate. It's a very convenient area when the L is running, and there are several bus lines that are handy. We have our own ice-skating rink in the winter and a farmers' market in the summer.
It's a beautiful Property!!! I would love to live there!! They even have an ice skating rink!! But of course I'm fall in the "Middle Class" and the Middle class is hardly represented in these lotteries.
The Associated supermarket down there is being kicked out, and there probably will be more changes as time goes on as STPCV slowly morphs into something that will draw more upscale tenants.
Do you know what's replacing the Associated? I didn't shop there much, but I liked the place.
Do you know what's replacing the Associated? I didn't shop there much, but I liked the place.
Don't know what is going on with that space.
Last word was the STPCV tenant's association (aka persons who rent but think they own the property) complained bitterly about losing "another" affordable supermarket in the area. Petitions were draw up, protests organized, elected officials involved all to put the squeeze on Blackrock to grant assurances.
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